Colin Huang Biography & Net Worth
|Popular Name:||Colin Huang|
|Net Worth:||$44 Billion|
|Last Updated:||December, 2020|
Chinese billionaire businessman Colin Huang is known as one of the richest people in his country China. Also present on the world’s richest men list, he is best known as the chief executive officer of Pinduoduo, an interactive e-commerce platform he founded. His company is incorporated in the Cayman Islands. In addition to Pinduoduo, Colin also owns three more limited liability Cayman companies, with each of those companies owning a 7.7% stake in Pinduoduo.
Colin Huang’s Early Life
Colin Huang (or Huang Zheng) was born in 1979/1980 in China. For his education, he attended the University of Wisconsin in the United States where he graduated with a master’s degree in computer science. Prior to attending the University of Wisconsin, Huang attended Zhejiang University in China for his bachelor’s degree.
Colin Huang’s Career
Colin is the founder and chief executive officer the interactive e-commerce platform Pinduoduo. He started this company in 2015, and today, it is now known as one of the biggest companies in the whole world. Following the July 2018 public offering of Pinduoduo on NASDAQ, Colin’s 47% stake was worth about at $14 billion, placing him 13th position on the list of the richest person in China. As of 2 July 2020, it is revealed that findings from a June filing showed that Colin has cut his stake at Pinduoduo down to 29.4% from 43.3%. There are also reports that he will step down as chief executive officer but will continue as the company’s chairman.
Pinduoduo also known as PDD is a Shanghai-based company that was founded in 2015 by Colin Huang. It is currently listed as the largest interactive e-commerce platform in China as well as in the world. It ranks second as one of the largest online marketplaces in China by number of orders and number of users. It is also one of the largest internet companies in the world. PDD has pioneered several new developments that are now trending in the e-commerce industry, including team purchase, social e-commerce, and consumer-to-manufacturer that have modernized the looks of online shopping in China. Pinduoduo ranks behind Alibaba Group with nearly 600 million users and recorded a trillion yuan in gross merchandise value (GMV) in less than five years. Getting to the same extent took Alibaba ten years to achieve. In 2017, the company reported revenue of 1.4 billion yuan ($280 million). In 2019, revenue was pegged at $4.33 billion. Pinduoduo became publicly traded in July 2018 following an initial public offering in the U.S. As of December 31, 2019, PDD has generated more than RMB 1 trillion gross merchandise value (GMV), 481.5 million average monthly active users in the fourth quarter of 2019, 585.2 million active buyers in the last 12 months, and an average daily order of around 54 million parcels in 2019.
Colin Huang founded Pinduoduo as recent as 2015, and today, the company has become one of the fastest growing technology company in the world. In the first quarter of 2017, the company stopped its online direct sales model of buying fresh produce and other perishable items from suppliers to sell to customers, and transitioned to mainly providing online marketplace services to intermediary merchants. This moved proved to be beneficial to the company as the change from a first-party agent that takes stock and sells to consumers, to a third-party catalyst to connect merchants and consumers marked the beginning of explosive growth for Pinduoduo. Today, Colin has done so well with the company. He not only secured enough funds to his pockets, but has modeled the company into a leading tech business in the world. Pinduoduo was only formed less than five years ago, but has now amassed over 600 million users and records millions of orders and more millions in revenue. It is said to be one of the fastest growing companies in the world, and this is just one of the many things Colin Huang can accomplish with anything he lays hands on.
Colin Huang Net Worth
This Chinese businessman is ranked among the richest men in China. His available wealth also makes him eligible for inclusion in many lists of the world’s richest men. A graduate of computer science, Colin Huang has a net worth of $44 billion. He is best known for his role as the founder and chief executive officer of the e-commerce company Pinduoduo. The company, also known as PDD, is headquartered in Shanghai, China. It enables its users to take part in group buing deals. It currently has over 3000 employees, and boasts of more than 600 million users as of 2020.